When India’s Largest Public Sector Bank SBI gets startled from a Startup (Though a Stalwart in Indian Startup scene), you must give a thought to it.
That Startup is none other than Vijay Sekhar Sharma’s Paytm, which has become the main concern for SBI for their new age service State Bank Buddy.
From the picture posted above you can see how a mega banking corporation has come down to the field for a head-on with Paytm. It’s very clear from the direct comparison shown on the picture.
With such a mammoth User Base & Brand Value in the market SBI is trying to push their Buddy service by comparing directly with Paytm.
I am not saying that it’s wrong but it’s amazing me, when I am thinking how much strong reach Paytm has buildup among the users. It’s the proof of that!
Big, Big Kudos to Mr. Sharma, for whom we are seeing this day & it’s a big inspiration for the entire Startup community too.
So, what wannabe Entrepreneurs should learn from it, what are the takeaways?
From my own point of view & analysis, I have jotted the following lessons that an entrepreneur should take from this incident.
#1. Keep faith on yourself
Yes that’s the biggest takeaway. Because 10 years back did you know who was Vijay Sekhar Sharma? Not even he knew that, one day he & his startup will reach at such a great height.
But his vision, determination, passion & persistence has helped him to achieve this position. So never ever feel left out or doubt on yourself. It’s only you who can achieve, keep this faith on yourself.
#2. Never ever get frightened of Legacy
Oh my god, are you crazy? You are asking me to compete with such a name which has already established its legacy! If you are thinking this, let me give you an example.
SBI founded on 1955 & Paytm started on 2010. I don’t think that I have to tell more to make you understood, what am I trying to mean? So success doesn’t depend on age or tenure of your company.
Paytm is the burning example of that! A company which started just 6 yrs back is giving heat to such a Financial Institution which started it’s journey more than 60 years back.
#3. Don’t think that Big players will thrash you
Throw this thinking totally out of your mind that, I am soo small in this highly competitive business arena, anytime bigger players will trash me. Nope.
The actual fact is when a new player comes in the market & performs well it becomes a matter of worry for the big companies. Because they have many things to lose, which you don’t have.
So move ahead fearlessly with this nothing to lose attitude.
#4. Life isn’t fair to anybody, so try harder to make it fair
Even greatest persons in the world has passed their darkest phase. There is a saying, More hurdle you face, more Stronger you become! It’s the truth.
If you read the Life Story of Vijay Sekhar Sharma you will find that becoming a Founder of a Billion Dollar Startup was never an easy journey or an overnight affair.
So if you don’t have certain thing, without complaining & making excuses try to sort that out.
#5. Try to think ahead of time
As an Entrepreneur you should always think ahead of the time. Maybe now no one is acknowledging you but one day will come when an Ecosystem will get buildup around your idea & everyone will try to copy you.
That’s how Paytm has evolved as a path breaker. Now the biggest banking players are also trying to catch up pace with it, in the similar vertical.
Recent head-on with State Bank’s Buddy service is the example of that.
#6. Don’t fall in the trap of easy money/ quick buy out
As an Entrepreneur you should always aim high & think bigger. Always remember, instead of selling your company to a Stalwart try to become like that. Create your own legacy, don’t be a part someone else’s.
In the rising phase of your startup you will get many such type of offers, which may force you to think, is it the correct time to take the call. You have to ask yourself why you started after all, you will get your answer.
So, hey all wannabe entrepreneurs, are you people listening? What you all are thinking of?
Don’t get frightened. Move ahead, boldly!